PenFed CLI Application Processing

[5KRunner]

Really appreciate all the advice, particularly from @Aim_High . I'll give them a call and see if I can manage to push this through their system.

[Mr_Mojo_Risin]

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@5KRunner wrote:

Really appreciate all the advice, particularly from @Aim_High . I'll give them a call and see if I can manage to push this through their system.

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Hopefully you don't have any further issues after speaking to them.

If you don't mind, let us know how it goes for DP's sake.

Congratulations on a monster CL!

[Aim_High]

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@Aspireto850 wrote:

@Aim_High 

Thanks for the additional info and the links which admittedly haven't read yet. But since you seem to be a PenExpert I have some additional questions. Truthfully, I could probably find the answers if i spent an hour or so but hoping you can be my one hit wonder. 

I'm awaiting a decision but am very hopeful. As this would be my first card with Penfed, how are they with recons right off the bat? Hoping this isn't the case but still have 2 derogatory accounts so feeling like the CL might be low so just want to get my ducks in the row to do some sweet talking via recon if needed.

#2 I originally applied for the Pathfinder and was declined immediately and saw the reason was salary doesn't justify so thinking I must have dropped a zero. Once approved for the PCR VS, I'm claiming it, I'd like to do one or all of the following:

1. Request CL recon, if needed, on the PCR

2. Once approved for PCR, ask them to reconsider the Pathfinder with the corrected salary

3. Both 1 and 2 plus apply for CLOC

Heck, wanna max out that HP. I've been banking with them for 1.5 years and have no other loan products. Just checking to see how amendable they are with multiple approvals/applications within a short span of time. Thoughts?

Thanks a bunch. I came out of my 12 month garden so wanna make it a good one........kinda feeling like Puxathawny Phil today.

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Thanks for the compliment @Aspireto850 but I'm not a PenFed expert by any means.    While it would be a little work, I suggest searching the forum archives via the link above from @coldfusion. 

Now, my personal opinion about it, off the top of my head??  PenFed has more conservative underwriting than some lenders and many of our members have had trouble just getting a foot in the door with them AT ALL.  I'm guessing that if your 650 scores across the board in your siggy are still accurate, if you get approved by them for a card that it be a marginal approval.  I have seen profiles go to manual review by underwriting for things like income verification or fraud prevention, but if you have derogatory accounts, I'm guessing that they would not be agreeable to negotiation on credit limits.   However, even though their CLIs are hard pulls, they can be generous pretty quickly once you have some satisfactory account history behind you.  If you get the approval, I would take it and run!    A phone call never hurts, of course, but I wouldnt expect it to go anywhere right away. If you give it time, you'll probably be rewarded.  

Good luck and let's keep our fingers crossed on the approval! 

[Aspireto850]

@Aim_High 

Thanks for the additional POV. The scores in my siggy are way outdated and are in the low 7's but couldn't remember how to update that section...bigger fish to fry!!!

Stay safe

[Aim_High]

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@Aspireto850 wrote:

@Aim_High 

Thanks for the additional POV. The scores in my siggy are way outdated and are in the low 7's but couldn't remember how to update that section...bigger fish to fry!!!

Stay safe

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Ahhh ... that might change things for you then.  You might get a better approval than you had hoped?  Either way, best wishes on some great PenFed cards, whether it happens now or a little bit down the road! 

Editing those is pretty quick when you get ready.  Go to Profile > My Settings > Personal Information.  You can expand the "Signature" dialog box to make it easier to work in by clicking and dragging on the lower right side.  Then just overtype the three 650's with your new scores.  Hope that helps!

[5KRunner]

I've been calling every other day this week and finally reached someone who seemed to know what she was doing. The application has been in "booked" status since 1/25, which is 11 days ago as I'm writing. The CSR told me that the application was approved and is just awaiting action from their credit cards department, which is backed up due to a high volume of applications in recent weeks. My new limit will be $26,250, which is an increase of $17,500. But how long it will take before it becomes effective is anyone's guess.

[Aspireto850]

Wow, 

Seems like all they have to do is go into the system and change CL from X to Y and bam it done..........It's not like they're sending you a different card.

[Anonymous]

@5KRunner 

You saw this offer after how long of opening the account? Isn't it once you are approved or accepted the offer then system should have increased your limit automatically than credit dept gets involved??

[5KRunner]

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@Aspireto850 wrote:

Wow, 

Seems like all they have to do is go into the system and change CL from X to Y and bam it done..........It's not like they're sending you a different card.

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I agree. It's hard to imagine that they're so backed up that they can't just flip the switch and make it happen, but... that's what they told me, anyways.

[5KRunner]

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@Anonymous wrote:

@5KRunner 

You saw this offer after how long of opening the account? Isn't it once you are approved or accepted the offer then system should have increased your limit automatically than credit dept gets involved??

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I opened the card in August 2019, so that's 17 months after opening. I received a smaller offer in August 2020 ($8500 if I remember correctly) and accepted that one, too, but it never made it out of "booked." I just lost track and forgot to follow up, and now I'm here.

I've called 4 times about the current CLI request and nothing has moved. Combined with that application from August 2020 that just got lost in the ether, it's making me wonder if there's something wrong with the way my account is configured in their system. But since I can't get anyone to tell me anything more than "just wait," I guess that's all I can do.

I've been thinking of canceling this card for some time now. I've been spoiled on NFCU customer service and PenFed is dreadful in comparison.